All articles tagged with #silk road
At the Libertarian National Convention, former President Donald Trump announced his intention to commute Ross Ulbricht's life sentence if re-elected. Ulbricht, an Austin native and creator of the Silk Road online drug marketplace, was sentenced to life in prison in 2015 for his role in facilitating drug sales and other crimes. The announcement was met with strong support from libertarians at the convention.
Marco Polo's 14th-century book "The Travels of Marco Polo" became a bestseller, detailing his journey along the Silk Road and encounters with wonders, spices, and extravagant customs. Despite skepticism about the truthfulness of his accounts, evidence suggests that Polo's travels were indeed extensive, and his legacy as one of the world's first travel writers endures. His eclectic observations of different cultures and mythical creatures offer a unique perspective on the world, emphasizing openness and curiosity towards other cultures.
Jimmy Zhong, a former bitcoin developer and party boy, reported the theft of hundreds of thousands of dollars in cryptocurrency from his home in Athens, Georgia. The investigation led to the discovery that Zhong was not only a victim but also a major bitcoin thief involved in the hacking of the Silk Road marketplace in 2012. Zhong's lavish lifestyle, funded by his stolen bitcoin, came to an end when law enforcement raided his home and seized millions of dollars worth of cryptocurrency. He was sentenced to one year and a day in federal prison for wire fraud. The stolen bitcoin was sold off by the government, and no victims came forward to claim the funds.
Unsealed court documents reveal that Russian nationals Alexander Verner and Alexey Bilyuchenko, along with unnamed co-conspirators, stole 647,000 bitcoin from Mt. Gox between 2011 and 2014, with 300,000 of those coins going to BTC-e. The stolen bitcoin was liquidated using U.S. companies, including BitInstant and Memory Dealers. BTC-e was shut down by the FBI in 2017, and its alleged operator, Alexander Vinnik, was arrested in Greece and later extradited to the U.S. to face charges for computer intrusions, hacking incidents, and money laundering. The unsealed indictment also reveals that BTC-e served about 700,000 users, including the ransomware gang CryptoWall and Fancy Bear, the hacker group believed to be sponsored by Russia's military intelligence agency.
James Zhong, the hacker responsible for the Silk Road marketplace breach, has been sentenced to a year in prison for wire fraud charges. Zhong stole over 50,000 Bitcoin from Silk Road by creating multiple accounts and misleading Silk Road into releasing Bitcoin into his accounts. Authorities searched Zhong's home in Georgia and recovered over 50,000 Bitcoin, gold and silver bars, and more than $660,000 in cash. When the Bitcoin was seized, it was valued at $3.4 billion. Today, it is worth more than $1.5 billion.
James Zhong, who stole over 50,000 Bitcoin from the Silk Road dark web marketplace, was sentenced to a year and a day in prison. The Bitcoin was worth over $3.4 billion at the time it was seized. Zhong stored the stolen cryptocurrency in an underground safe and a Cheetos popcorn tin. US authorities obtained a search warrant to search his home in Georgia in November 2021, where they recovered the stolen Bitcoin and more than $660,000 in cash, as well as silver and gold bars.
James Zhong, who stole over 50,000 Bitcoin from Silk Road, has been sentenced to a year and a day in prison. The stolen Bitcoin was worth over $3.4 billion at the time it was seized. Zhong stored the stolen cryptocurrency in an underground safe and a Cheetos popcorn tin. He was caught when US authorities obtained a search warrant and recovered the Bitcoin, which is still worth over $1.5 billion today.
James Zhong, who stole over 50,000 Bitcoin from the Silk Road drug-trafficking site in 2012, was sentenced to a year and a day in prison after the value of the stolen Bitcoin hit $3.35 billion. Zhong spent $16 million of the proceeds on real estate investments, luxury hotels, nightclubs, and Lamborghinis. The value of the Bitcoin seized is now about $1.56 billion. Zhong pleaded guilty to wire fraud last year and expressed "shame and remorse" in court.
James Zhong, who stole over 50,000 Bitcoin from Silk Road in 2012, was sentenced to a year and a day in prison after pleading guilty to wire fraud. The Bitcoin was worth $620,000 at the time of the heist, but its value had exploded to $3.35 billion by the time authorities seized it in November 2021, making it the second-largest financial seizure in US history.
James Zhong, who pleaded guilty to wire fraud charges related to the theft of over 51,680 Bitcoin from the Silk Road marketplace in 2012, has been sentenced to one year and one day in prison. Zhong managed to conceal his crime for roughly 10 years before facing charges, and US authorities seized the Bitcoin holdings from his home in Georgia in November 2021, worth roughly $3.4 billion at the time. The Silk Road marketplace, defunct for roughly 10 years, allowed users to buy and sell illicit goods, drawing the attention of US authorities.
The US government plans to sell 41,490 BTC, worth $1.17 billion at current exchange rates, in 2023, according to a court filing submitted in the case of James Zhong’s sentencing. The government confiscated over 50,000 BTC from Zhong in November 2022. The court document notes that the government has already sold 9,861 BTC from the Ulbricht case for $215,738,154.98. The remaining 41,490 BTC is expected to be liquidated in four more batches over the course of this year. The US government currently holds 205,515 BTC, and after the sale, it will still have 164,025 BTC, worth $4.65 billion.
The US government plans to sell over $1.17 billion worth of Bitcoin seized from Silk Road hacker James Zhong, who was accused of stealing the virtual assets from the illicit marketplace in 2012. The government has already sold about 9,861 BTC of the total amount seized for more than $215 million on March 14th, leaving about 41,491 BTC. The government says it will not sell the remainder of the BTC until after Zhong is sentenced, which is scheduled for April 14.